J&K Bank to set up separate vertical for Start-Ups to foster entrepreneurship

‘Vertical once set up will draw processes, procedures to offer single window facilitation’

Srinagar, May 22: J&K Bank will be creating a separate vertical for start-ups to foster entrepreneurship, especially micro and small enterprises segment, in all districts, blocks and panchayats in the state. The vertical once set up will draw the processes and procedures to offer single window facilitation to prospective entrepreneurs with the aim of handholding the budding entrepreneurs at the outset/inception phases.

This was announced by the J&K Bank Chairman & CEO Parvez Ahmed after the conclusion of the Policy Consultative Workshop for Academic leaders presided over by Governor, NN Vohra. The workshop was held with the aim to bring all stakeholders of the entrepreneurial ecosystem under one roof to chalk out the roadmap for development of Start Up culture in the state. Notably, during the workshop the Governor had emphasized the need to promote and integrate the efforts to support start-up movements involving all Universities, JK Bank and key stakeholders of National startup ecosystem.

The J&K Bank Chairman & CEO, Parvez Ahmed had shared the role of financial institutions in creating start-up environment and confirmed Bank’s intention to channelize all resources to support entrepreneurs through the Start-Up Centers. The initiative by JK Bank is in congruence with Governor’s vision to hand-hold start-up aspirants in the state.

Outlining on the development the Chairman and CEO Parvez Ahmed informed,” The Bank is setting up a dedicated department, Start-Up Vertical, at its Corporate Headquarters with tiers upto the district level. We will deploy committed work force in all tiers who shall be undertaking mega marketing/ awareness initiatives for the general public. Through this vertical, Bank aims to create a one point access for entrepreneurs with a facilitation approach at every step. This approach has the potential to drive the entrepreneurial zeal of talented youth by harnessing the capabilities of innovative, young and dynamic entrepreneurs thus contributing to the financial growth of the state.”

Elaborating on the rationale for creation of separate vertical he added, “Based on analysis by the Bank, it was revealed that despite several promising schemes having been launched by the Government of India and Government of J&K, the enrolment figures for such schemes are very low. The situation is more critical amongst the rural populace who are either running or intending to run a small or micro enterprise.”

“As per the vision of the Governor we are in the process of initiating partnerships with all the stakeholders especially the academia and developmental institutions. We will also like to take onboard the specialized institutions equipped with incubators under the Atal Innovation Mission for knowledge mentoring of the aspiring entrepreneurs,” said the chairman.

The Bank informed that it will be followed by launch of a Start-Up Facilitation Centre in every district of J&K state. By setting up the vertical, the Bank envisions bringing all start-up products under the ambit of Start-Up Centers to eliminate multi-department framework and therefore ease the overall process in favor of the prospective entrepreneur by offering hassle free experience, single touch point for all inquiries and processes, timeline driven process for efficiency and single window processing.

The bank’s official spokesperson informed that the most significant feature of this Centre will be that it shall conduct orientation sessions and workshops for the budding entrepreneurs in collaboration with Government Departments, CAs and legal advisors to impart information of documents, registrations and other formalities associated with establishing a business such as GST registrations, projected balance sheet and business proposal creation etc. (KNS)